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With the ECB policy decision likely to dominate all that surrounds it this morning, the focus on the Euro should not just be confined to the dollar. The major Euro cross, beyond the EUR/JPY is the EUR/GBP. This has a huge amount of regular flow each and every day, in part due to price discovery for the EUR/USD and the GBP/USD, but also in its own right as a barometer of relative strength/weakness of either component part. So, most recently the EUR/GBP has been edging lower, in advance of an anticipated cut from the ECB today. That will change next week, when the focus shifts to the Pound and the prospect of the BOE following suit. The EUR/GBP rose towards 0.8475 last week, but it has fallen back below 0.8375 this week. The question of whether an ECB rate cut is now priced in at the current levels is open to debate. There will be more to add on this cross today, for reasons which should be obvious. The EUR/GBP closed in the US last night at 0.8370. The range seen so far today has been covered by 0.8365 and 0.8377. It is right now at 0.8373
Owing to technical issues there will be no further updates this afternoon. It is hoped that Quick News coverage will resume when the Amazon results...
Earlier today an update here noted the EUR/GBP was most definitely in play today and as you can see that is very much the case. So, as the GBP/USD has...
The Bank of England (BOE) has just announced the outcome of its monetary policy decision. The overwhelming general consensus was for a cut of 0.25%...
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